Brexit in reverse gear: London, Brussels eye 'free, open trade', shows leaked May 19 agenda

Nine years after the 2016 Brexit referendum , the UK and EU might be on their way to forge a closer economic partnership, stressing the importance of “free and open trade”, a leaked agenda of the May 19 UK-EU summit has revealed.

A report by the Business Times says that both sides are now agreeing to explore the “vital” nature of multilateralism and “international development”, a change in attitude attributed to an era of chaos ushered in by the Donald Trump administration.

The report says that while security and defence deals are relatively common between the two sides, economic deals are expected to trigger a wider debate.

London emphasises the importance of trade with EU

There is a larger understanding in the UK that trade with the European Union is vital for the country’s growth. In fact, UK Finance Minister Rachel Reeves recently asserted that improving trade ties with the EU was more important than securing a big “economic deal” with the US.

The Bank of England governor Andrew Bailey also reinforced this sentiment recently, saying, “having a more open economy to trade with the EU… would be beneficial. It is important we do everything we can to ensure that whatever decisions are taken on the Brexit front do not damage the long-term trade position. So, I hope that we can use this to start to rebuild that relationship”.

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Can UK join the EU again?

Some sections of the UK’s political spectrum are bullish on joining the economic bloc of 27 nations. For instance, the Scottish National Party and many wider politicians on the left and political centre support re-joining the Brussels-based group.

However, mainstream parties still look askance upon the idea.

UK Prime Minister Keir Starmer has already ruled out EU membership. The number of pro-EU lawmakers within the Conservatives is also very less, effectively meaning that the chances of the UK going back to the bloc are very slim.

UK, the next Switzerland?

Instead of viewing the upcoming summit as a single event, it is likely that the period following it will witness additional UK-EU bilateral agreements aimed at reshaping their partnership, potentially in a manner similar to recent Swiss-EU relations.

The Swiss example is noteworthy for its similarities to the UK, as Switzerland voted narrowly against joining the European Economic Area in 1992, with 50.3 per cent against and 49.7 per cent in favour.

Since then, Switzerland has negotiated a series of agreements with the EU. If the UK’s experience with the EU follows a similar path, it will be one of the great ironies of the 2016 referendum.

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Despite the referendum result, where approximately 52 per cent of the population voted to sever ties with the EU, London has had to focus extensively on Europe ever since.